Optomed Plc Stock Exchange Release 10 February 2026 at 9.00, Helsinki
Optomed Plc: Financial Statements Bulletin January - December 2025
October - December 2025
· Revenue decreased by 5.6 percent to EUR 4.8 (5.1) million. The company
received a large order of EUR 1.5 million during the comparison period.
· Currency-adjusted revenue decreased by 3.9 percent.
· Devices segment revenue decreased by 6.7 percent to EUR 2.4 (2.6) million.
Segment revenue during Q3 2025 was EUR 2.3 million.
· Devices segment currency-adjusted revenue decreased by 3.3 percent.
· Software segment revenue decreased by 4.6 percent to EUR 2.4 (2.5) million.
· EBITDA amounted to EUR -1.3 (-0.8) million corresponding to -27.7 (-15.9)
percent of revenue.
· Cash flow from operating activities amounted to EUR -127 (318) thousand.
· Optomed carried out a successful share issue which raised approximately EUR
6.0 million in gross proceeds.
· Consolidated cash and cash equivalents at the end of the period amounted to
EUR 9.9 (10.5) million.
· Optomed expects its full year 2026 revenue to grow compared to 2025.
January - December 2025
· Revenue increased by 13.7 percent to EUR 17.1 (15.0) million.
· Currency-adjusted revenue growth was 15.4 percent.
· Devices segment revenue increased by 43.1 percent to EUR 7.6 (5.3) million.
· Devices segment currency-adjusted revenue growth was 48.0 percent.
· Software segment revenue decreased by 2.5 percent to EUR 9.5 (9.7) million.
· EBITDA amounted to EUR -3.5 (-3,5) million corresponding to -20.6 (-23.0)
percent of revenue.
Key figures
EUR, thousand Q4/2025 Q4/2024 Change, % 2025 2024 Change, %
Revenue 4,812 5,099 -5.6% 17,096 15,040 13.7%
Gross profit * 2,961 3,321 -10.9% 10,878 9,676 12.4%
Gross margin % * 61.5% 65.1% 63.6% 64.3%
EBITDA -1,333 -812 -64.2% -3,526 -3,458 -2.0%
EBITDA margin *, -27.7% -15.9% -20.6% -23.0%
%
Adjusted EBITDA * -1,333 -532 -150.3% -3,526 -2,796 -26.1%
Adjusted EBITDA -27.7% -10.4% -20.6% -18.6%
margin *, %
Operating result -1,986 -1,497 -32.6% -6,042 -5,957 -1.4%
(EBIT)
Operating margin -41.3% -29.4% -35.3% -39.6%
(EBIT) *, %
Adjusted -1,986 -1,218 -63.0% -6,042 -5,295 -14.1%
operating
result (EBIT) *
Adjusted -41.3% -23.9% -35.3% -35.2%
operating
margin (EBIT
margin) *, %
Net profit/ loss -1,885 -989 -90.5% -6,640 -5,450 -21.8%
Earnings per -0.10 -0.05 -79.6% -0.34 -0.29 -14.9%
share
Cash flow from -127 318 -140.0% -2,482 -1,596 -55.5%
operating
activities
Net Debt -8,475 -8,170 3.7% -8,475 -8,170 3.7 %
Net debt/ EBITDA 2.4 2.4 2.4 2.4
(LTM) *
Net debt/ 2.4 2.9 2.4 2.9
Adjusted
EBITDA (LTM) *
Equity ratio * 75.1% 74.4% 75.1% 74.4%
R&D expenses 552 394 40.0% 1,545 1,336 15.7%
personnel
R&D expenses 178 223 -20.2% 644 706 -8.7%
other costs
Total R&D 730 617 18.3% 2,190 2,041 7.3%
expenses
*) Alternative performance measures, see section Alternative Performance
Measures for definitions and calculations.
Optomed presents Adjusted EBITDA and Adjusted operating result as alternative
performance measures to enhance comparability of business performance between
reporting periods. In 2024, items affecting comparability amounted to EUR 662
thousand and are related to credit loss with respect to an overdue trade
receivable from a customer in China.
CEO Review
Dear Shareholders,
I am pleased to present Optomed's financial and operational performance for the
year 2025. The year was marked by strong full-year revenue growth, solid
execution across our core businesses, and continued progress in strengthening
our long-term competitive position. While the reported year-on-year figures for
the fourth quarter show a decline, it is important to emphasize that operational
performance in Q4 2025 was solid. The comparison period in Q4 2024 was
exceptionally strong.
October-December 2025
In the fourth quarter of 2025, Optomed's revenue amounted to EUR 4.8 million (Q4
2024: EUR 5.1 million), representing a year-on-year decrease of 5.6%. When
adjusted for currency effects, the decline was 3.9%.
The comparison period in Q4 2024 was unusually strong. During that quarter,
Optomed recorded the largest single customer order in the Company's history,
which significantly increased revenue in the Devices segment. This non-recurring
order created an exceptionally high reference level and materially affects the
year-on-year comparison for Q4 2025.
Revenue in the Devices segment was EUR 2.4 million (Q4 2024: EUR 2.6 million).
Devices segment currency-adjusted revenue decreased by 3.3 percent. The Software
segment delivered revenue of EUR 2.4 million, compared to EUR 2.5 million in the
prior year period. Overall customer activity remained strong, and business
performance during the quarter was stable.
EBITDA for the quarter amounted to EUR -1.3 million (Q4 2024: EUR -0.8 million),
corresponding to an EBITDA margin of -27.7%. The year-on-year change in
profitability primarily reflects onetime personnel costs and license costs of
the Software segment. The EBITDA of the Devices segment was on par with the
comparison period at EUR -0.1 million.
Cash flow from operating activities was EUR -0.1 million, and the Group's cash
and cash equivalents totaled EUR 9.9 million at the end of the year.
During the fourth quarter, Optomed carried out a directed share issue. The share
issue was executed to further strengthen the Company's balance sheet and
financial flexibility and to support the continued execution of Optomed's growth
strategy. The proceeds enable ongoing investments in product development,
commercialization of AI-based solutions, and long-term value creation.
January-December 2025
For the full year 2025, Optomed delivered strong growth. Revenue increased by
13.7% to EUR 17.1 million (2024: EUR 15.0 million). When adjusted for currency
effects, revenue growth was 15.4%, reflecting strong underlying performance.
The Devices segment was a key growth driver in 2025, with revenue increasing by
43.1% to EUR 7.6 million. Capital equipment sales developed well throughout the
year. The United States accounted for more than half of the Devices segment
revenue. Due to the high share of U.S. dollar-denominated sales, reported
revenue and profitability were negatively impacted by the significant weakening
of the U.S. dollar against the euro as well as by import tariffs.
Market conditions in the United States proved more turbulent than anticipated,
particularly in terms of predictability. While demand fundamentals remained
intact, visibility weakened during the year. We expect this reduced
predictability and market turbulence in the United States to continue into 2026.
During 2025, Optomed successfully launched the new generation handheld fundus
camera Lumo, which has received a positive reception in the market and further
strengthens our handheld imaging portfolio.
Software segment revenue amounted to EUR 9.5 million, slightly below the prior
year level. Within the Software segment, non-healthcare related consulting
business declined at a double-digit rate, while healthcare-related software and
services grew at a low single-digit rate. The decline in non-healthcare
consulting had a negative impact on both the top line and bottom line of the
Software segment. Despite this, the software business continued to provide a
stable and scalable revenue base.
The year 2025 was the first full commercial year for Optomed Aurora with AEYE
AI. We achieved large recurring revenue base with Aurora AEYE, even though
commercialization has progressed slightly behind our original timetable.
Significant efforts were made to support commercialization and remove barriers
to sales. During the year, we achieved ISO 27001 certification, which is
mandatory for many customers, and built integrations with customers' patient
information systems. One notable observation has been that sales cycles for
Aurora AEYE have been longer than initially anticipated. However, market
fundamentals and demand drivers remain strong.
Overall, our competitive position remains strong. Aurora AEYE is currently the
only FDA-cleared AI solution available for a handheld fundus camera, and we
believe this product-level competitive advantage will be sustained for longer
than previously expected. Our Aurora AEYE based recurring revenue has grown
every quarter this year and the growth has increased especially in the second
half of the year.
EBITDA for the full year amounted to EUR -3.5 million, in line with the previous
year. The EBITDA margin improved to -20.6% from -23.0%, reflecting operating
leverage from higher revenue and disciplined cost management.
Outlook
Optomed's strategic direction remains unchanged. While we expect continued
uncertainty and reduced predictability in the U.S. market environment in 2026,
our long-term fundamentals are strong. We will continue to focus on expanding AI
-enabled screening solutions, strengthening our market presence, improving sales
execution, and driving operational efficiency to support sustainable growth and
improved profitability over time.
I would like to thank our employees, customers, partners, and shareholders for
their continued trust and commitment.
Sincerely,
Juho Himberg
CEO
Outlook 2026
Optomed expects its full year 2026 revenue to grow compared to 2025.
Telephone conference
A telephone conference for analysts, investors and media will be arranged on 10
February 2026 at 11.00 EET, (10.00 CET). The event will be held in English. The
presentation material will be available at www.optomed.com/investors 10.00 EET
at the latest.
The participants are requested to register for the call-in advance by email to
sakari.knuutti@optomed.com.
Please see the call-in numbers below:
FI +358 9 856 263 00
SE +46 8 505 218 52
UK +44 20 3321 5273
US +1 646 838 1719
FR +33 1 70 99 53 92
The conference id is 587 424 450#
Please note that by dialing into the conference call, the participant agrees
that personal information such as name and company name will be collected.
Group performance
October - December 2025
In October - December 2025, Group revenue decreased by 5.6 percent to EUR 4,812
(5,099) thousand. Currency-adjusted revenue decreased by 3.9 percent. Devices
segment revenue decreased by 6.7 percent to EUR 2,380 (2,551) thousand. Software
segment revenue decreased by 4.6 percent to EUR 2,432 (2,549) thousand.
In October - December 2025, the gross margin decreased to 61.5 from 65.1 percent
of last year.
EBITDA decreased and it was EUR -1,333 (-812) thousand. The decrease was mainly
due to one-time expenses in the Software segment.
EBIT was EUR -1,986 (-1,497) thousand.
In October - December 2025, net financial items amounted to EUR 81 (493)
thousand mainly consisting of interest income from credit institutions and
exchange rate differences between the Chinese renminbi and the US dollar against
the euro.
In China, the Company's joint venture has progressed according to the plan,
however, no revenue is expected during the next few quarters. The Company's
cooperation with top 10 pharma company continued during the quarter with
commercial agreement negotiations.
January - December 2025
In January - December 2025, Group revenue increased by 13.7 percent to EUR
17,096 (15,040) thousand. Devices segment's revenue increased by 43.1 percent
while the Software segment's revenue decreased by 2.5 percent. Currency-adjusted
revenue growth was 15.4 percent.
The gross margin decreased to 63.6 percent from 64.3 percent last year. US
import tariffs began to affect gross margin in the second half of the year.
EBITDA amounted to EUR -3,526 (-3,458) thousand and EBIT was EUR -6,042 (-5,957)
thousand. Various one-time consulting and other expenses affected EBITDA by
approximately half a million euros.
Net financial items amounted to EUR -676 (441) thousand and consisted mainly of
interest income from credit institutions and exchange rate differences between
the Chinese renminbi and the US dollar against the euro.
Cash flow and financial position
October - December 2025
In October - December 2025, the cash flow from operating activities amounted to
EUR -127 (318) thousand. Net cash used in investing activities was EUR -539 (
-613) thousand and relates to capitalized development expenses. Net cash from
financing activities amounted to EUR 5,236 (-241) thousand. On December 10,
2025, Optomed carried out a directed share issue consisting of 1,760,000 new
shares of the company. The issue raised approximately EUR 6.0 million in gross
proceeds.
Consolidated cash and cash equivalents at the end of the period amounted to EUR
9,909 (10,467) thousand. Interest-bearing net debt was EUR -8,475 (-8,170)
thousand at the end of the period.
Net working capital was EUR 768 (1,128) thousand at the end of the period.
January - December 2025
In January - December 2025, the cash flow from operating activities amounted to
EUR -2,482 (-1,596) thousand.
Net cash used in investing activities was EUR -2,357 (-2,118) thousand and
relates to capitalized development expenses.
Net cash from financing activities amounted to EUR 4,186 (7,081) thousand.
Devices segment
Optomed has two synergistic business segments: Devices and Software.
The Devices segment develops, commercializes, and manufactures easy-to-use, and
affordable handheld fundus cameras, that are suitable for any clinic for
screening of various eye diseases, such as diabetic retinopathy, glaucoma and
AMD (Age Related Macular Degeneration).
EUR, thousand Q4/2025 Q4/2024 Change, % 2025 2024 Change, %
Revenue 2,380 2,551 -6.7% 7,620 5,326 43.1%
Gross profit * 1,305 1,476 -11.6% 4,255 2,778 53.2%
Gross margin % 54.8% 57.9% 55.8% 52.2%
*
EBITDA -119 -115 -2.9% -438 -1,673 73.8%
EBITDA margin -5.0% -4.5% -5.7% -31.4%
*, %
Operating -566 -589 3.9% -2,119 -3,343 36.6%
result (EBIT)
Operating -23.8% -23.1% -27.8% -62.8%
margin (EBIT)
*, %
*) Alternative performance measures, see section Alternative Performance
Measures for definitions and calculations.
October - December 2025
In October - December 2025, the Devices segment revenue decreased by 6.7 percent
to EUR 2,380 (2,551) thousand.
Devices segment currency-adjusted revenue decreased by 3.3 percent. The company
received a large order of EUR 1.5 million during the comparison period. Among
sales channels, global distributor sales grew significantly during the quarter.
Despite the increase in Aurora AEYE revenue, US revenue fell short of last year
due to previously mentioned large order of the comparison period. Segment
revenue during Q3 was EUR 2.3 million.
The gross margin was 54.8 (57.9) percent.
EBITDA was EUR -119 (-115) thousand or -5.0 (-4.5) percent of revenue.
January - December 2025
In January - December 2025, the Devices segment revenue increased by 43.1
percent to EUR 7,620 (5,326) thousand.
Devices segment currency-adjusted revenue growth was 48.0 percent. Revenue grew
very strongly in the United States, where growth was supported by several mid
-sized capex orders, especially in the second half of the year. Revenue growth
was also supported by the Company's significant growth in the Aurora-AEYE
recurring revenue. The Company's global distributor revenue also grew
significantly during the year. Revenue in China decreased.
The gross margin increased to 55.8 percent from 52.2 percent. US import tariffs
negatively impacted the gross margin.
EBITDA was EUR -438 (-1,673) thousand or -5.7 (-31.4) percent of revenue.
Software segment
Optomed has two synergistic business segments: Devices and Software.
The Software segment develops and commercializes screening software for diabetic
retinopathy and cancer screening for healthcare organizations. The segment also
distributes off-the-shelf products from selected partners to supplement its own
solutions and expertise and provides software consultation to support the
Devices segment screening solution projects.
EUR, thousand Q4/2025 Q4/2024 Change, % 2025 2024 Change, %
Revenue 2,432 2,549 -4.6% 9,475 9,714 -2.5%
Gross profit * 1,656 1,845 -10.2% 6,623 6,889 -3.9%
Gross margin % 68.1% 72.4% 69.9% 70.9%
*
EBITDA 24 429 -94.3% 1,281 1,897 -32.5%
EBITDA margin 1.0% 16.8% 13.5% 19.5%
*, %
Operating -180 219 -181.9% 453 1,078 -58.0%
result (EBIT)
Operating -7.4% 8.6% 4.8% 11.1%
margin (EBIT)
*, %
*) Alternative performance measures, see section Alternative Performance
Measures for definitions and calculations.
October - December 2025
In October - December 2025, the Software segment revenue decreased by 4.6
percent to EUR 2,432 (2,549) thousand. Healthcare related revenue increased
however, the non-healthcare consulting revenue continued its decline during the
quarter.
Gross margin decreased and was 68.1 (72.4) percent.
EBITDA was EUR 24 (429) thousand or 1.0 (16.8) percent of revenue. EBITDA was
negatively impacted by onetime personnel costs and license costs.
January - December 2025
In January - December 2025 the Software segment revenue decreased by 2.5 percent
to EUR 9,475 (9,714) thousand. Healthcare related revenue increased, however,
the non-healthcare consulting revenue declined significantly during year.
Gross margin was 69.9 (70.9) percent.
EBITDA was EUR 1,281 (1,897) thousand or 13.5 (19.5) percent of revenue. In
addition to the aforementioned onetime costs, EBITDA was affected by the
weakening profitability of the consulting business as well.
Group-wide expenses
Group-wide expenses relate to functions supporting the entire group such as
treasury, group accounting, marketing, legal, HR, and IT.
October - December 2025
Group-wide operating expenses amounted to EUR 1,238 (1,127) thousand.
January - December 2025
Group-wide operating expenses amounted to EUR 4,369 (3,692) thousand. The
increase in expenses was driven by various one-time consulting expenses and
reward programs.
Personnel
Number of personnel at the end of the reporting period.
12/2025 12/2024
Devices 42 47
Software 50 50
Group common 19 18
Total 111 115
Corporate Governance
Optomed complies with Finnish laws and regulations, Optomed's Articles of
Association, the rules of Nasdaq Helsinki and the Finnish Corporate Governance
Code 2025 issued by the Securities Market Association of Finland. The code is
publicly available at http://cgfinland.fi/en/. Optomed's corporate governance
statement 2024 is available on the company website www.optomed.com/investors/.
Annual General Meeting
The Annual General Meeting held on 9 May 2025 adopted the financial statements
for the financial period ended on 31 December 2024, discharged the members of
the Board of Directors and the CEO from liability for the financial period ended
on 31 December 2024 and adopted the Company's Remuneration Report.
The Annual General Meeting resolved in accordance with the proposal of the Board
of Directors that no dividend will be paid for the year 2024.
The number of members of the Board of Directors was confirmed as seven.
Catherine Calarco, Ty Lee, Seppo Mäkinen, Petri Salonen and Reijo Tauriainen
were re-elected and Leana Wen and Sameer Badlani were elected as new members of
the Board.
The Annual General Meeting confirmed the annual Board remuneration as follows:
· Chairman of the Board EUR 36,000
· members of the Board EUR 18,000.
In addition, a meeting fee in the amount of EUR 300 is paid to the Chairpersons
and EUR 200 to members of the Committees for each Committee meeting. 40 percent
of the Board remuneration is paid in Optomed shares and 60 percent in cash. The
part of the Board remuneration paid in Optomed shares will, if possible, be
conveyed from the treasury shares of the Company in accordance with the
authorization of the Board of Directors to resolve on the issuance of shares and
special rights entitling to shares. The remuneration will be paid once a year in
August, after Optomed's H1 report has been announced.
The Annual General Meeting decided to re-elect KPMG Oy Ab, a firm of authorized
public accountants, as the Company's auditor. KPMG Oy Ab has informed the
Company that Authorized Public Accountant Heidi Hyry acts as the auditor with
principal responsibility. The auditor's remuneration will be paid in accordance
with an invoice approved by the Company.
The Annual General Meeting approved the authorization for the Board of Directors
to repurchase Optomed's own shares and to accept them as pledge. Altogether no
more than 1,969,330 shares may be repurchased or accepted as pledge. The
authorization will be valid until the earlier of the end of the next Annual
General Meeting or 18 months from the resolution of the Annual General Meeting.
The Annual General Meeting authorized the Board of Directors to decide on the
issuance of shares and other special rights entitling to shares referred to in
Chapter 10, Section 1 of the Finnish Companies Act. The number of shares to be
issued based on this authorization may not exceed 1,969,330. The Board of
Directors is authorized to resolve on all terms and conditions of the issuance
of shares and special rights entitling to shares, including the right to
derogate from the pre-emptive right of the shareholders. The authorization will
be valid until the earlier of the end of the next Annual General Meeting or 18
months from the resolution of this Annual General Meeting.
At its meeting held after the Annual General Meeting, the Board of Directors
elected from among its members Petri Salonen as its Chairperson. The committee
members were elected as follows:
Audit Committee:
Reijo Tauriainen (Chairperson)
Sameer Badlani
Catherine Calarco
Remuneration Committee:
Ty Lee (Chairperson)
Seppo Mäkinen
Leana Wen
Shares and shareholders
The Company has one share series with all shares having the same rights. At the
end of the review period Optomed Plc's share capital consisted of 21,453,297
shares and the Company held 22,042 shares in the treasury which approximately
corresponds to 0.1 percent of the total amount of the shares and votes.
Additional information with respect to the shares, shareholding and trading can
be found on the Company's website www.optomed.com/investors/.
Directed share issue
Optomed completed a directed share issue consisting of 1,760,000 shares and
collected gross proceeds of approximately EUR 6.0 million in December 2025.
According to the assessment of the Company, the Share Issue most effectively
advances the Company's objectives when compared to alternative equity financing
arrangements.
The Board has evaluated other financing alternatives, including various capital
markets financing options. In the Board's assessment, such alternatives entail
significant costs, extended implementation timelines and material execution
uncertainties that would not serve the interests of the Company and its
shareholders particularly in light of the Company's capital requirements and the
imperative to expeditiously advance the Company's business operations to
capitalize its market position. Therefore, the Board of the Company has
considered that there is a weighty financial reason for the Company to derogate
from the shareholders' pre-emptive subscription rights, and according to the
Board of the Company, the Share Issue serves the interests of the Company and
its shareholders. The Board has accepted the terms and conditions of the Share
Issue and the subscriptions made in accordance with the terms and conditions of
the Share Issue.
The subscription price was EUR 3.40 per Share. The subscription price represents
a discount of approximately 11.1 per cent compared to the closing price of the
Company's share on 10 December 2025. The subscription price has been determined
through negotiations corresponding to a bookbuilding, involving a limited number
of institutional and qualified investors. The investors have been identified on
the basis of their investment potential, expertise in the Company and its
industry, and knowledge of the Finnish market. The purpose of the procedure has
been to ensure the realisation of the financing arrangement and the subscription
price being market based. The subscription price was credited in full to the
Company's reserve for invested unrestricted equity.
New shares subscribed for in Optomed Plc's directed share issue have been
registered into the Finnish Trade Register, and the shares were admitted to
trading on the official list of Nasdaq Helsinki Ltd on 12 December 2025.
Risks and uncertainties
Optomed has reviewed its complete risk position after the year end of 2025. The
complete risk position is as follows:
GEOPOLITICS
Optomed operates globally.
Geopolitical tensions may impact the competitiveness of Optomed's supply chain
or sales, leading to increased costs or causing potential disruptions for
example in the form of tariffs. Optomed's devices are manufactured in Thailand
and one of the key markets is in the US and, therefore, potential large tariffs
between the US and Thailand may have a negative effect on the Company's business
prospects in the US.
HIGH QUALITY PRODUCTS
The quality and safety of the Company's products are extremely important for
Optomed's competitiveness
The Company may be adversely affected if it fails to continuously develop and
update its fundus cameras and software solutions or to identify or integrate new
products and product platforms into its offering. The Company's or its partners'
products may also be subject to clinical trials, the results of which are
critical for the products' regulatory approvals and market acceptance.
STRATEGY AND M&A
The Company may be unsuccessful in fulfilling its strategy or the strategy
itself may be unsuccessful
The successful implementation of the Company's strategy depends upon a number of
factors, some of which are completely or partially outside the Company's
control. The Company has an appropriate risk management function in the context
of the size of the Company's operations, however, it may not be able to identify
or monitor all relevant risks and determine efficient risk management procedures
and responsible persons that may again affect the strategy. The Company is also
dependent on its ability to develop and manage varying routes-to-market for its
products, the efficiency of its sales channels and its customer and distributor
relationships. Further, the Company has an opportunistic view on M&A which by
nature include inherent risks. Failure of strategy may force the Company to
record write-downs on its goodwill.
MARKET AND COMPETITION
Optomed operates in a niche market that is highly competitive
Optomed operates in the fundus camera market that is developing fast and the
competition is sometimes fierce. The market acceptance of the Company's products
and solutions is important for our future growth. Optomed recognizes a
possibility of new market changing products entering the market. Further, in
certain key geographies the client base is limited and, therefore, a loss of a
key customer in a key market may adversely affect our revenue streams. In the
US, AI‑based diabetic retinopathy screenings are reimbursable, and screenings
affect HEDIS scores. If there are material changes to reimbursement levels or to
the impact on HEDIS scores, it could adversely affect the Company's revenue and
growth prospects in the US.
EXTERNAL ECONOMIC AND POLITICAL RISKS AND NATURAL DISASTERS
Optomed operates globally and is thus exposed to various external risks
The Company is exposed to natural disasters taking place in countries where it
operates and general and country specific economic political and regulatory
risks, which could entail volatile sales in key markets.
SUPPLY CHAIN
Optomed's business is dependent on the effectiveness of purchasing materials,
manufacturing and timely distribution
The Company is dependent on contract manufacturers for functioning, efficient
and effective production and product assembly. Further, the Company is dependent
on suppliers which may affect the Company's ability to supply its customers in a
timely manner. In addition, Optomed generates significant US recurring revenue
from the Optomed Aurora AEYE solution through a revenue‑share model with the AI
partner, and therefore the loss or termination of this agreement would pose a
material growth related risk to the Company.
SYSTEMS AND INFORMATION
Our operations are increasingly dependent on IT systems
Disruption of the Company's IT systems could inhibit our business operations in
a number of ways, including disruption to financial reporting, sales, production
and cash flows.
LITIGATION
Optomed operates globally and is subject to the laws and regulations of multiple
jurisdictions
The Company may be negatively affected by legal or administrative proceedings in
different countries directed at the Company or third parties due to back-to-back
liability, and the Company faces, from time to time, other disputes and claims
related to product liability and intellectual property rights, especially in
terms of medical devices in different countries that the Company must consider
pursuant to applicable laws. These can result in costs and liabilities for the
Company and have a negative effect on its financial position and business
prospects.
TRADE SECRETS AND PATENTS
The technologic capabilities are a competitive advantage that the Company must
be able to protect.
Technological capabilities, trade secrets and patents are important for the
Company's competitive position, and the Company continuously monitors its IPR
portfolio. The Company may not be able to protect its trade secrets and know-how
which could lead to losing the competitive advantage the Company has. The
Company may also be forced to take actions against parties that violate our IPRs
and correspondingly to defend against claims for infringing IPR's of other
parties, or seek to agree on the use of IPRs. If the Company is not successful
in protecting its IPRs or fails to defend against claims of IPR infringements or
to agree on the use of IPRs on favourable terms, this can have a negative effect
on the Company's financial position and its prospects.
TALENT & ORGANISATION
A skilled workforce and agile organisation are essential for the continued
success of our business
The Company may be adversely affected if it would lose its key personnel or
fails to attract the right talent.
FINANCE
The Company needs external financing to operate and is not currently profitable
The Company is dependent on external financing and the Company may have
difficulties accessing additional financing on competitive terms or at all which
may again contribute the Company's liquidity risks. The Company is also subject
to credit and counterparty risks through its trade receivables.
FOREX
We operate globally and are thus exposed to currency exchange risks
The Company is exposed to foreign exchange rate risks arising from fluctuations
in currency exchange rates, especially with regards USD, EUR and RMB. Currency
rates, along with demand cycles, can result in significant swings in the prices
of the raw materials needed to produce our goods and our sales prices and OPEX.
LEGAL AND REGULATORY
Compliance with laws and regulations is an essential part of Optomed's business
operations
Optomed together with its suppliers and distributors operate globally and are
subject to various national and regional regulations in the areas of medical
devices, product safety, product claims, data protection, intellectual property
rights, health and safety, competition, employment, taxes and anti-money
laundering and anti- bribery & corruption (AML & ABC). Further, many of the
Company's devices are subject to various medical related assessment (including
clinical trials), clearance and approval processes that are required to place
our products the market. Failure to comply these might lead to loss of sales
permits in different markets, product recalls, reputational issues, civil and
criminal actions leading to various direct and indirect damages to Optomed and
its employees that are not completely covered by Optomed's insurance coverage.
Especially, failures with respect to compliance with certain medical devices
related regulations and processes may hinder the Company's devices' market
access.
The Board's proposal for the distribution of profit
The parent company's non-restricted equity on 31 December 2025, was EUR
28,713,076.88 and the net loss for the financial year was EUR -5,573,210.42. The
Board of Directors proposes to the Annual General Meeting that no dividend will
be paid and the non-restricted equity on the outstanding 21,453,297 shares shall
be retained and carried forward.
Audit review
The year 2025 Financial statements have been audited. The audit report was
issued on February 10, 2026.
Financial reporting in 2026
· Interim Report for 1 January - 31 March 2026, 6 May 2026
· Half-Year Financial Report for 1 January - 30 June 2026, 14 August 2026
· Interim Report for 1 January - 30 September 2026, 6 November 2026
For more information, contact
Sakari Knuutti, CFO
E-mail: sakari.knuutti@optomed.com
Juho Himberg, CEO
E-mail: juho.himberg@optomed.com
About Optomed
Optomed is a Finnish medical technology company and one of the leading providers
of handheld fundus cameras. Optomed combines handheld fundus cameras with
software and artificial intelligence with the aim to transform the diagnostic
process of various eye diseases, such as rapidly increasing diabetic
retinopathy. In its business Optomed focuses on eye screening devices and
software solutions related R&D in Finland and sales through different channels
in over 60 countries.
www.optomed.com
Alternative Performance Measures
Optomed uses certain alternative performance measures (APMs) with the purpose to
provide a better understanding of how the business develops. These APMs, as
defined, cannot be fully compared with other companies' APMs.
Alternative Definition
Performance
Measures
Gross profit Revenue + Other operating income - Materials and services
expenses
Gross margin, % Gross profit / Revenue
EBITDA Operating result before depreciation, amortization and
impairment losses
EBITDA margin, % EBITDA / Revenue
Operating result Profit/loss after depreciation, amortization and impairment
losses
Operating Operating result / Revenue
margin, %
Adjusted Operating result excluding items affecting comparability
operating result
Adjusted Adjusted operating result / Revenue
operating
margin, %
Adjusted EBITDA EBITDA excluding items affecting comparability
Adjusted EBITDA Adjusted EBITDA / Revenue
margin, %
Items affecting Material items outside ordinary course of business including
comparability restructuring costs, net gains or losses from sale of
business operations or other non-current assets, strategic
development projects, external advisory costs related to
capital reorganisation, impairment charges on non-current
assets incurred in connection with restructurings,
compensation for damages and transaction costs related to
business acquisitions.
Net Debt Interest-bearing liabilities (borrowings from financial
institutions, government loans and subordinated loans) -
cash and cash equivalents (excl. lease liabilities according
to IFRS 16)
Net Debt / Net Debt / EBITDA (for the last twelve months, LTM)
EBITDA (LTM),
times
Net Debt / Net Debt / Adjusted EBITDA (for the last twelve months, LTM)
Adjusted EBITDA
(LTM), times
Earnings per Net result / Weighted average number of outstanding shares
share
Equity ratio, % Total equity / Total assets
R&D expenses Employee benefit expenses for R&D personnel and other
operational expenses related to R&D activities
Reconciliation of Alternative Performance Measures
In thousand of Euro Q4/2025 Q4/2024 2025 2024
Revenue 4,812 5,099 17,096 15,040
Other operating income 2 0 5 10
Material and services -1,853 -1,778 -6,222 -5,374
Gross profit 2,961 3,321 10,878 9,676
Operating result (EBIT) -1,986 -1,497 -6,042 -5,957
Items affecting
comparability
Specific credit risk 0 279 0 662
percent change
Adjusted EBIT -1,986 -1,218 -6,042 -5,295
Depreciation, 653 686 2,516 2,499
amortization and
impairment losses
Adjusted EBITDA -1,333 -532 -3,526 -2,796
Consolidated income statement
In thousands of euro Q4/2025 Q4/2024 2025 2024
Revenue 4,812 5,099 17,096 15,040
Other operating income 2 0 5 10
Materials and services -1,853 -1,778 -6,222 -5,374
Employee benefit -3,063 -2,631 -9,950 -8,931
expenses
Depreciation, -653 -686 -2,516 -2,499
amortization and
Impairment losses
Other operating expenses -1,230 -1,502 -4,454 -4,204
Operating result -1,986 -1,497 -6,042 -5,957
Finance income 134 758 580 1,217
Finance expenses -54 -265 -1,256 -776
Net finance expenses 81 493 -676 441
Profit (loss) before -1,905 -1,004 -6,718 -5,516
income taxes
Income tax expense 19 15 77 66
Loss for the period -1,885 -989 -6,640 -5,450
Loss for the period
attributable to
Owners of the parent -1,885 -989 -6,640 -5,450
company
Weighted average number 19,810,521 18,675,167 19,810,521 18,675,167
of shares
Basic loss per share -0.10 -0.05 -0.34 -0.29
(euro)
Consolidated condensed comprehensive income statement
In thousands of euro Q4/2025 Q4/2024 2025 2024
Loss for the period -1,885 -989 -6,640 -5,450
Other comprehensive income
Foreign currency translation -59 -406 855 -329
difference
Other comprehensive income, net of -59 -406 855 -329
tax
Total comprehensive loss -1,945 -1,395 -5,785 -5,778
attributable to Owners of the
parent company
Consolidated balance sheet
In thousands of euro December 31, 2025 December 31, 2024
ASSETS
Non-current assets
Goodwill 4,256 4,256
Development costs 8,739 8,288
Customer relationships 499 721
Technology 229 331
Other intangible assets 365 370
Total intangible assets 14,089 13,965
Tangible assets 894 652
Right-of-use assets 1,212 1,456
Deferred tax assets 13 12
Total non-current assets 16,208 16,085
Current assets
Inventories 2,382 1,961
Trade and other receivables 3,474 3,268
Cash and cash equivalents 9,909 10,467
Total current assets 15,765 15,695
Total assets 31,973 31,781
In thousands of euro December 31, 2025 December 31, 2024
EQUITY
Share capital 80 80
Share premium 504 504
Reserve for invested non-restricted equity 65,224 59,608
Translation differences 861 6
Retained earnings -36,012 -31,111
Profit (loss) for the financial year -6,640 -5,450
Total equity 24,016 23,637
LIABILITIES
Non-current liabilities
Borrowings from financial institutions 0 790
Government loans 371 521
Lease liabilities 835 1,017
Deferred tax liabilities 157 234
Total Non-current liabilities 1,363 2,561
Current liabilities
Borrowings from financial institutions 789 794
Government loans 274 193
Lease liabilities 442 495
Trade and other payables 5,088 4,101
Total current liabilities 6,593 5,583
Total liabilities 7,956 8,144
Total equity and liabilities 31,973 31,781
Consolidated statement of changes in shareholders' equity
Equity attributable to owners of the parent company
+-------------+-------+-------+-----------+-----------+--------+-------+
|In thousands |Share |Share |Reserve |Translation|Retained|Total |
|of euro |capital|premium|for |differences|earnings| |
| | | |invested | | | |
| | | |non | | | |
| | | |-restricted| | | |
| | | |equity | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |59,608 |6 |-36,560 |23,637 |
|January 1, | | | | | | |
|2025 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Loss for the | | | | |-6,640 |-6,640 |
|period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Other | | | | | | |
|comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Translation | | | |855 | |855 |
|differences | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | | |855 |-6,640 |-5,785 |
|comprehensive| | | | | | |
|income for | | | | | | |
|the period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Transactions | | | | | | |
|with | | | | | | |
|owners of the| | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share issue | | | 5,565 | | |5,565 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share based | | | 51 | | |51 |
|payments | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share options| | | | |549 |549 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | |5,616 | |549 |6,165 |
|transactions | | | | | | |
|with owners | | | | | | |
|of the | | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |65,224 |861 |-42,652 | 24,016|
| December | | | | | | |
|31, 2025 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
Equity attributable to owners of the parent company
+-------------+-------+-------+-----------+-----------+--------+-------+
|In thousands |Share |Share |Reserve |Translation|Retained|Total |
|of euro |capital|premium|for |differences|earnings| |
| | | |invested | | | |
| | | |non | | | |
| | | |-restricted| | | |
| | | |equity | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |50,936 |334 |-31,493 | 20,361|
|January 1, | | | | | | |
|2024 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Loss for the | | | | |-5,450 |-5,450 |
|period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Other | | | | | | |
|comprehensive| | | | | | |
|income | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Translation | | | |-329 | |-329 |
|differences | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | | |-329 |-5,450 |-5,778 |
|comprehensive| | | | | | |
|income for | | | | | | |
|the period | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Transactions | | | | | | |
|with | | | | | | |
|owners of the| | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share issue | | | 7,322 | | |7,322 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share based | | | 43 | | |43 |
|payments | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Share options| | |1,307 | |382 |1,689 |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Total | | |8,672 | |382 |9,054 |
|transactions | | | | | | |
|with owners | | | | | | |
|of the | | | | | | |
|company | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
|Balance at |80 |504 |59,608 |6 |-36,560 | 23,637|
|December 31, | | | | | | |
|2024 | | | | | | |
+-------------+-------+-------+-----------+-----------+--------+-------+
Consolidated cash flow statement
In thousands of euro Q4/2025 Q4/2024 2025 2024
Cash flows from operating activities
Loss for the financial year -1,885 -989 -6,640 -5,450
Adjustments:
Depreciation, amortization and 653 686 2,516 2,499
impairment losses
Finance income and finance expenses -17 -446 430 -466
Other adjustments 120 401 537 653
Cash flows before change in net -1,129 -349 -3,158 -2,764
working capital
Change in net working capital:
Change in trade and other receivables -153 -483 -483 -335
(increase (-) / decrease (+))
Change in inventories (increase (-) / 69 766 -492 901
decrease (+))
Change in trade and other payables 1,112 407 1,701 688
(increase (+) / decrease (-))
Cash flows before finance items -101 341 -2,431 -1,510
Interest paid -13 -27 -54 -115
Other finance expenses paid -27 -59 -112 -121
Interest received 13 63 115 151
Net cash from operating activities (A) -127 318 -2,482 -1,596
Cash flows from investing activities
Capitalization of development expenses -361 -468 -1,796 -1,843
Acquisition of tangible assets -178 -145 -561 -275
Net cash used in investing activities -539 -613 -2,357 -2,118
(B)
Cash flows from financing activities
Proceeds from share subscriptions 5,984 207 5,984 9,182
Share issue transaction costs -419 0 -419 -553
Repayment of loans and borrowings -199 -323 -863 -1,053
Repayment of lease liabilities -130 -125 -517 -494
Net cash from financing activities (C) 5,236 -241 4,186 7,081
Net cash from (used in) operating, 4,570 -536 -653 3,367
investing and financing activities
(A+B+C)
Cash and cash equivalents at beginning 5,313 10,963 10,467 7,118
of period
Effect of movements in exchange rate 25 40 95 -19
on cash held
Cash and cash equivalents at end of 9,909 10,467 9,909 10,467
period
Selected notes
Corporate information and basis of accounting
Corporate information
Optomed is a Finnish medical technology group (hereafter ‘Optomed' or ‘Group')
that specialises in handheld fundus cameras and solutions for screening of
blinding eye diseases, established in 2004.
The Group's parent company, Optomed Plc (hereafter the ‘Company'), is a Finnish
public limited liability company established under the laws of Finland, and its
business ID is 1936446-1. It is domiciled in Oulu, Finland and the Company's
registered address is Yrttipellontie 1, 90230 Oulu, Finland.
Basis of accounting
Optomed's consolidated financial statements has been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European
Union. The preparation of this financial statements bulletin also takes into
account the amendments to IFRS standards that have become effective by January
1, 2025. This financial report has been prepared in accordance with IAS 34
Interim Financial Reporting and it should be read in conjunction with Group`s
annual consolidated financial statements
All presented figures have been rounded so the sum of the individual figures may
differ from the presented total figure.
Financial ratios have been calculated using exact figures.
This report has been authorized for issue by the company`s board of directors.
Critical management judgments and related estimates and assumptions
The preparation of financial statements under IFRS requires management to make
judgments, estimates and assumptions that affect the reported amounts of assets
and liabilities, and disclosure of contingent assets and liabilities at the end
of the reporting period as well as the reported amounts of income and expenses
during the reporting period. These estimates and assumptions are based on
historical experience and other justified assumptions, such as future
expectations, that Optomed management believes are reasonable under the
circumstances at the end of the reporting period and the time when they were
made.
Although these estimates are based on management's best knowledge of current
events and actions, actual results may ultimately differ from those estimates.
The estimates and underlying assumptions are reviewed on an on-going basis and
when preparing financial statements. Changes in accounting estimates may be
necessary if there are changes in the circumstances on which the estimate was
based, or as a result of new information or more experience. Such changes are
recognized in the period in which the estimate or the assumption is
revised.
Use of judgment and estimates
Judgements that management has made in the process of applying accounting
policies and that have the most significant effect on the amounts recognized in
the financial statements, relate to the following areas:
— capitalization of development costs: determination of development expenditure
eligible for capitalization
— impairment testing of development expenditures
Reportable segments
Q4/2025
In thousands of euro Devices Software Group Total
Admin
External revenue 2,380 2,432 0 4,812
Net operating expenses -1,076 -776 0 -1,851
Margin 1,305 1,656 0 2,961
Depreciation and amortization -447 -204 -2 -653
Other expenses -1,423 -1,632 -1,238 -4,294
Operating result -566 -180 -1,240 -1,986
Finance items 0 0 81 81
Profit/Loss before tax expense -566 -180 -1,159 -1,905
Q4/2024
In thousands of euro Devices Software Group Admin Total
External revenue 2,551 2,549 0 5,099
Net operating expenses -1,074 -704 0 -1,778
Margin 1,476 1,845 0 3,321
Depreciation and amortization -474 -210 -2 -686
Other expenses -1,592 -1,415 -1,126 -4,133
Operating result -589 219 -1,127 -1,497
Finance items 0 0 493 493
Profit/Loss before tax expense -589 219 -634 -1,004
2025
In thousands of euro Devices Software Group Total
Admin
External revenue 7,620 9,475 0 17,096
Net operating expenses -3,365 -2,853 0 -6,217
Margin 4,255 6,623 0 10,878
Depreciation and amortization -1,682 -828 -6 -2,516
Other expenses -4,693 -5,342 -4,369 -14,404
Operating result -2,119 453 -4,375 -6,042
Finance items 0 0 -676 -676
Profit/Loss before tax expense -2,119 453 -5,051 -6,718
2024
In thousands of euro Devices Software Group Total
Admin
External revenue 5,326 9,714 0 15,040
Net operating expenses -2,548 -2,825 9 -5,364
Margin 2,778 6,889 9 9,676
Depreciation and amortization -1,670 -819 -9 -2,499
Other expenses -4,451 -4,992 -3,692 -13,135
Operating result -3,343 1,078 -3,692 -5,957
Finance items 0 0 441 441
Profit/Loss before tax expense -3,343 1,078 -3,250 -5,516
Disaggregation of revenue
Geographical distribution
In thousands of euro Q4/2025 Q4/2024 2025 2024
Finland 2,348 2,446 9,149 9,340
Rest of the Europe 370 188 1,406 1,034
Rest of the World 2,094 2,466 6,540 4,667
Total 4,812 5,099 17,096 15,040
Distribution by revenue recognition date
In thousands Q4/2025 Q4/2024 Q1 2024
of euro -Q4/2025
Products and 3,308 69% 3,727 73% 11,418 67% 10,405 69%
services
transferred
at a point
in
time
Services 1,504 31% 1,372 27% 5,678 33% 4,635 31%
transferred
over time
Total 4,812 5,099 17,096 15,040
Advances Received and Deferred Revenue
In thousands of euro December 31, 2025 December 31, 2024
Trade receivables 2,756 2,411
Assets related to 2,756 2,411
customer contracts
Advances received 133 98
Deferred Revenue 545 305
Liabilities related 678 402
to customer
contracts
Other operating expenses
Other operating expenses Q4/2025 Q4/2024 2025 2024
Sales and marketing -166 -247 -874 -707
Research and development -168 -105 -413 -297
General and administration -897 -1,151 -3,167 -3,200
Total operating expenses -1,230 -1,502 -4,454 -4,204
Other operating expenses also comprise changes in expected credit losses and
realized credit losses.
Tangible assets
In thousands of euro Machinery and Machinery and equipment 2024
equipment 2025
Cost
Balance at January 1 4,016 3,724
Additions 616 292
Balance at End of 4,632 4,016
Period
Accumulated
depreciation and
impairment losses
Balance at January 1 -3,364 -3,015
Depreciation -374 -349
Balance at end of -3,738 -3,364
period
Carrying amount at 652 710
January 1
Carrying amount at 894 652
December 31
Leases
Leased tangible assets
In thousands of euro Business premises Cars Total
1.1.2025 1,424 32 1,456
Additions to right-of-use assets 282 0 282
Depreciation charge for right-of-use assets -505 -21 -526
31.12.2025 1,201 11 1,212
In thousands of euro Business premises Cars Total
1.1.2024 1,419 53 1,472
Additions to right-of-use assets 498 0 498
Depreciation charge for right-of-use assets -493 -21 -514
31.12.2024 1,424 32 1,456
Lease liabilities
In thousands of euro 31.12.2025 31.12.2024
Current 442 495
Non-current 835 1,017
Total 1,277 1,512
The above liabilities are presented on the line item Lease liabilities (non
-current / current) in the consolidated balance sheet, based on their maturity.
Intangible assets and goodwill
At December 31, 2025
In thousands Goodwill Development Customer Technology Other
Total
of euro costs relationships intangible
assets
Cost
Balance at 4,256 17,864 2,222 1,023 1,205
26,570
January 1
Additions 0 1,674 0 0 66
1,740
Balance at 4,256 19,538 2,222 1,023 1,270
28,309
December 31
Accumulated -
amortisation
and
impairment
losses
Balance at 0 -9,576 -1,501 -692 -835
-12,605
January 1
Amortization 0 -1,222 -222 -102 -70
-1,616
Balance at 0 -10,798 -1,723 -794 -905
-14,220
December 31
Carrying 4,256 8,288 721 331 370
13,965
amount at
January 1
Carrying 4,256 8,739 499 229 365
14,089
amount at
December 31
At December 31, 2024
In thousands Goodwill Development Customer Technology Other
Total
of euro costs relationships intangible
assets
Cost
Balance at 4,256 16,067 2,222 1,023 1,147
24,715
January 1
Additions 0 1,797 0 0 58
1,855
Balance at 4,256 17,864 2,222 1,023 1,205
26,570
December 31
Accumulated -
amortisation
and
impairment
losses
Balance at 0 -8,336 -1,280 -590 -763
-10,969
January 1
Amortization 0 -1,049 -221 -102 -72
-1,445
Impairment 0 -191 0 0 0 -191
losses
Balance at 0 -9,576 -1,501 -692 -835
-12,605
December 31
Carrying 4,256 7,731 942 433 384
13,746
amount at
January 1
Carrying 4,256 8,288 721 331 370
13,965
amount at
December 31
Financial assets
In thousands of euro 31.12.2025 31.12.2024
Trade receivables
Other trade receivables 2,756 2,411
Total trade receivables 2,756 2,411
Cash and cash equivalents 9,909 10,467
Total 12,665 12,878
Exposure to credit risk and loss allowance
Chinese customer's trade receivables EUR 1,099 thousand have been written down
at the end of Q4 2024. Specific loss allowance is at 100%.
In thousands Gross carrying amount Weighted Loss allowance
of euro av. loss
rate%
At December
31, 2025
Current (not 0.50% 11
past due) 2,200
Past due
1-30 days 1.50% 1
78
31-60 days 4% 3
71
61-90 days 9% 24
272
More than 90 12% 24
days past due 199
Total 63
2,819
In thousands Gross carrying Weighted Loss allowance
of euro amount av. loss
rate%
At December
31, 2024
Current (not 0.50% 12
past due) 2,314
Past due
1-30 days 1.50% 1
67
31-60 days 4% 1
31
61-90 days 9% 1
9
More than 90 12% 1
days past due 6
Specific loss 0 100% 0
allowance
Total 15
2,427
Financial liabilities
In thousands of euro December 31, 2025 December 31, 2024
Non-current financial liabilities
Borrowings from financial institutions 0 790
Government loans 371 521
Lease liabilities 835 1,017
Total 1,206 2,328
Current financial liabilities
Borrowings from financial institutions 789 794
Government loans 274 193
Lease liabilities 442 495
Trade payables 1,159 891
Total 2,664 2,373
Total financial liabilities 3,870 4,700
Fair values - financial liabilities measured at amortized cost.
Optomed considers that the carrying amounts of the financial liabilities
measured at amortized cost substantially equal to their fair values.
Financial covenants
Optomed's borrowings from financial institutions contain a financial covenant
(equity ratio).
Optomed has to comply with the financial covenant terms specified in the loan
agreement terms at the financial year-end. Equity ratio is calculated using the
agreed formula. The table below summarizes the Group's financial covenant term
and compliance during the reporting period.
Covenant term Actual ratio Applicable level
OP loan equity ratio
At December 31, 2025 35% 88.8% Optomed Group
At December 31, 2024 35% 87.1% Optomed Group
Company's Equity ratio is calculated as follows.
OP loan equity ratio calculation formula: Adjusted equity/(Balance sheet total-
received advances-goodwill)
Optomed was in compliance with the covenant as at December 31.2025.
Related party transactions
In thousands of euro Revenues Trade receivables Other expenses
Jan 1 - Dec 31 2025 0 0 -128
Jan 1 - Dec 31 2024 0 0 -92
Revenue and trade receivables and some of the other expenses relate to the major
shareholders of Optomed Ltd considered to be related parties to the parent
company.
Other expenses consist of consulting fees paid to the Chairman of the Board of
Directors and members of the Board.
Events after the review period
Optomed has renegotiated its OP loans and government loans payment terms. Based
on the decisions received government loans were extended two years and OP loans
6 to 12 months.